Chicago, April 12 – CBAM Partners LLC sold its first CLO of the year, the $440.3 million transaction being issued by CBAM 2021-14 Ltd./CBAM 2021-14 LLC, according to a pre-sale report.
The portfolio, due April 20, 2034, includes $250 million of class A senior secured floating-rate notes at Libor plus 110 basis points, $54 million of class B senior secured floating-rate notes at Libor plus 150 bps, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 205 bps, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 310 bps, $15 million of class E senior secured deferrable floating-rate notes at Libor plus 650 bps and $40 million of subordinated notes.
The broadly syndicated offering is mostly collateralized by senior secured loans, cash and eligible investments.
J.P. Morgan Securities LLC is the placement agent.
The notes can be called starting April 20, 2023.
The manager is a New York City-based portfolio company of private investment firm Eldridge Industries.
| Issuers: | CBAM 2021-14 Ltd./CBAM 2021-14 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $440.3 million
|
| Maturity: | April 20, 2034
|
| Agent: | J.P. Morgan Securities LLC
|
| Manager: | CBAM Partners LLC
|
| Call: | April 20, 2023
|
| Pricing date: | March 30
|
| Settlement date: | April 8
|
|
|
| Class A notes
|
| Amount: | $250 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
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